Protective Property Trust Wills

A Protective Property Trust Will (PPT Will) is a type of will designed for couples who jointly own a property. It aims to protect the property for the surviving partner and their children, particularly in the event that the surviving partner needs long-term care.

How it works:

1. Trust Creation: When one partner dies, instead of their share of the property passing directly to the surviving partner, it is placed into a trust.
2. Life Interest: The surviving partner retains the right to live in the property for the rest of their life (a "life interest").
3. Protection from Care Fees: If the surviving partner requires long-term care, only their share of the property is assessed for care fees. The share held in the trust is protected.
4. Ultimate Beneficiaries: When the surviving partner passes away, the trust ends, and the entire property passes to the named beneficiaries (usually the children).

Key benefits of a PPT Will:

• Asset Protection: Safeguards a significant portion of the property's value from being used to pay for long-term care.
• Security for Surviving Partner: Ensures the surviving partner has a home for life.
• Inheritance Preservation: Preserves the property for the intended beneficiaries (usually the children).
• Peace of Mind: Provides couples with the reassurance that their loved ones will be taken care of.

Who should consider a PPT Will:

• Couples who jointly own a property
• Couples concerned about the potential impact of long-term care costs
• Couples who want to ensure their children inherit the family home

Important note: A PPT Will needs to be set up correctly and in accordance with legal requirements to be effective. We recommend seeking professional advice to ensure it meets your specific needs and circumstances.

If you'd like to discuss whether a Protective Property Trust Will is right for you, please don't hesitate to contact us for a consultation.